Crypto Trading Volume Topped $10 Trillion in November, Marking a New Milestone

Digital asset trading on centralized finance platforms topped $10 trillion for the first time ever in November, surging 101% to hit $10.4 trillion

Cryptocurrency trading activity hit new record highs in November, largely driven by optimism over Donald Trump's election victory and anticipation of favorable policies for the digital asset industry.

According to a report by CCData, centralized finance platforms witnessed a massive surge in trading volume, surpassing $10 trillion for the first time ever. The report highlights a 101% increase, bringing the total volume to an unprecedented $10.4 trillion.

Breaking down the figures, monthly spot trading volume surged by 128% to reach $3.43 trillion, marking the second-highest monthly total. Meanwhile, derivatives trading volume also hit a record high, climbing by 89.4% to reach $6.99 trillion.

The surge in trading activity can be attributed to the anticipation of Trump's policies, which are expected to be more supportive of the crypto industry compared to the previous administration. Throughout his campaign, Trump actively sought to secure the industry's vote and political donations, positioning himself as the "crypto president" and frequently expressing his support for bitcoin.

Among Trump's key campaign proposals was the establishment of a national bitcoin reserve, a move that could elevate the token's status, placing it on par with strategic commodities such as oil and gold.

Since Trump's victory in the election, bitcoin has surged to new all-time highs, coming within close proximity to the $100,000 mark in recent weeks. As of Wednesday afternoon, the coin had risen by 42% since Election Day.

The crypto industry anticipates that Trump will support policies aimed at easing regulation within the sector throughout his term. In line with this, he has already appointed several crypto advocates to his cabinet, including Paul Atkins for SEC Chair, an appointment that was announced on Truth Social on Wednesday.

Atkins, who previously served as an SEC Commissioner, will be taking over the role from SEC Chair Gary Gensler, who is set to step down on January 20. During his campaign, Trump had expressed his intention to fire Gensler.

"The crypto market has enjoyed a surge since Election Day," noted Andrew Baehr of CoinDesk Indices in an email, adding, "Recent cabinet appointments and today's SEC news have boosted sentiment and confidence among digital asset projects, both new and established, suggesting an easier regulatory path ahead."

According to Baehr, a standout development of the past few weeks has been the remarkable surge in Ethereum.

"Bitcoin's regulatory path – oversight, futures, and ETFs – is established, as is its role as a macro asset and store of value," he explained. "Meanwhile, Ethereum, through its use in stablecoins, smart contracts, and Web3 innovation, has shown stronger price performance post-election. It's the perceived growth in these use cases that has been exciting over the past few weeks."

The report also highlights a surge in trade volumes specifically in South Korea, where a frenzy over alt-coins pushed volumes to record highs. According to the report, the combined trade volume from five South Korean exchanges, including Upbit, soared by 294% to reach $254 billion, increasing the country's market share of total spot trading volumes to over 7%.

"Altcoins such as XRP have emerged as major beneficiaries of a more favorable regulatory environment in the U.S., following past classification as securities by the SEC," the report noted. "Trading activity in South Korea has been further boosted by the government's decision to postpone the introduction of capital gains tax on digital asset trading for an additional two years."